Vending

United Natural Foods Q3 2021 sales, earnings tumble

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June 10, 2021

United Natural Foods Inc.'s sales fell 5.9% from $7.03 billion in Q3 2020 to $6.62 billion for the quarter ending May 1, 2021, according to an earnings report.

Net income fell from $88.1 million in Q3 2020 to $48.6 million in Q3 2021.

Net income per diluted share fell 50% from $1.60 to 80 cents in the comparative quarters, while adjusted earnings per share fell 29.3% from $1.33 for Q3 2020 to 94 cents for Q3 2021.

The $6.62 billion in revenue missed analyst expectations by $190 million while the Non-GAAP EPS of 94 cents beat expectations by two cents and the GAAP EPS of 80 cents missed by one cent, according to Seeking Alpha.

Shares traded at $33.93 today against a 52-week range of $14.22-$42.20.

"Our results reflect our unrelenting focus on efficiency and the profitability of our business, as we cycled the highest spikes of sales revenue from pantry loading in the prior-year quarter," Steven Spinner, chairman and CEO, said in a press release. "Fiscal 2020 was a record year for UNFI and fiscal 2021 is on-track to set another record. Looking ahead, we fully expect fiscal 2022 to be even better than this year."

"Although our sales have moderated, as expected, from the unprecedented levels experienced during last year's third quarter, our focus on operational efficiencies and our ValuePath productivity initiative keep us on track to deliver full-year results at the upper end of the range for adjusted EBITDA and adjusted EPS," CFO John Howard said in the release. "Due to the extended timing of onboarding new business wins, we now expect to finish at the low end of the current range for net sales, which we expect will result in a second consecutive record sales year for UNFI."